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Biotech / Medical : Biotech failure, 2002
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To: Miljenko Zuanic who wrote (26)2/20/2002 4:26:24 AM
From: nigel bates  Read Replies (1) of 130
 
Looks like the end for Bioglan -

LONDON, Feb 20 (Reuters) - The outlook for debt-laden British biotechnology firm Bioglan Pharma Plc dimmed on Wednesday after a U.S. group pulled out of bid talks and its shares were suspended on the London Stock Exchange.
Bioglan, whose shares have dived more than 99 percent since hitting a high of 950 pence in February 2000, said that in the absence of any potential buyers it was in talks with its banks over funding needs and was looking at restructuring its debts.
Bioglan said there was no assurance that these discussions would reach a satisfactory conclusion and, as a result, it had requested its shares be suspended on the London Stock Exchange.
The group's stock ended at 6-1/4 pence on Tuesday, valuing the firm at just over 6.0 million pounds ($8.6 million).
ICN Pharmaceuticals Inc (NYSE:ICN - news) had said late on Tuesday it had been looking at the possibility of an offer for Bioglan, which specialises in selling skin care products it licenses from other pharmaceutical firms.
``These negotiations have terminated without an agreement having been reached,'' ICN Chairman and Chief Executive Milan Panic said in a statement.
When Bioglan said last month it had received an indicative offer from an unnamed third party -- now confirmed as having been ICN -- the company said its banks had agreed to extend a debt repayment freeze until February 28 to pursue the talks.
Bioglan also warned at that time that the indicative offer fell short of its 113 million pounds of debt.
Bioglan's debt soared during a failed bid to acquire the skincare products of U.S. drugs giant Bristol-Myers Squibb (NYSE:BMY - news) last year, as it spent heavily on building up its business to market products it never managed to obtain.
U.S. drugs firm Quintiles Transnational Corp (NasdaqNM:QTRN) had also been touted as a possible rescue buyer of Bioglan.
Quintiles threw Bioglan a life-line in December when it bought its marketing rights to Solaraze -- a skin treatment developed by British drug delivery firm SkyePharma...
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